X-Energy said Friday it has started the process to become a publicly-traded company, announcing it filed a draft registration statement with the Securities & Exchange Commission (SEC).
X-Energy, a nuclear company based in Rockville, Md., plans to trade on the NASDAQ Global Select Market under the ticker symbol XE, according to the company’s March 20 press release.
Financial firms J.P. Morgan, Morgan Stanley, Jeffries and Moelis & Company are acting as the lead joint book-running managers for the initial public offering (IPO). The advisor for the offering on the NASDAQ Capital Market is Latham & Watkins LLP.
Skadden, Arps, Slate, Meagher & Flom LLP is acting as counsel to the underwriters, according to the release.
The number of shares to be offered and the price range for the proposed offering has not been determined, X-Energy said.
X-Energy is developing the Xe-100 reactor, a high-temperature gas-cooled small modular reactor (SMR) capable of producing 80 megawatts of electricity. The reactor is designed to operate as a four-pack power plant that generates 320 megawatts.
The company is seeking approvals from the Nuclear Regulatory Commission as its construction permit application for a Xe-100 plant in Seadrift, Texas is currently under review. The construction application is being challenged by a local Texas environmental group.
X-Energy’s subsidiary company TRISO-X was also issued a special nuclear material license by NRC to allow the use of high-assay low-enriched uranium (HALEU) at its fuel fabrication facility in Oak Ridge, Tenn.
X-Energy is not the first SMR company to go public. Oklo started trading on the New York Stock Exchange in May 2024, while NuScale Power went public after completing a merger with Spring Valley Acquisition Corp. in April 2022.
Additionally, Berkeley, Calif.-based SMR developer Deep Fission completed a go-public reverse merger transaction with Surfside Acquisition in September 2025.